The Dupre and Scott’s March survey of 20+ unit apartments reports that almost 9,500 new apartments were opened in 2016. 12,700 are expected this year in King, Pierce and Snohomish Counties and 62,000 more are planned between 2017 and 2020.
The survey shows that that new construction apartments typically get a rent premium of more than 40%. Rent increases have averaged 3.3% annually since 1998, but in the last six months, Kitsap County had over a 4% on average increase. The Eastside had the lowest at .75%.
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There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.
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